A Quote by Hugh Hendry
It is my contention that value does not mix so well with debt.
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There's an argument that private debt, in some way, is creating indentured servants in our country. But public debt does not do that. In fact, public debt does the exact opposite - it relieves private debt.
Contention is inseparable from creating knowledge. It is not contention we should try to avoid, but discourses that attempt to suppress contention.
My market value increases with every outside critisism. Therefore, the frequently raised contention that I am the most highly critisized mountaineer does not disturb me in the slightest.
Contention does not usually begin as strife between countries. More often, it starts with an individual, for we can contend within ourselves over simple matters of right and wrong. From there, contention can infect neighbors and nations like a spreading sore.
The well-meaning contention that all ideas have equal merit seems to me little different from the disastrous contention that no ideas have any merit.
Contention in our families drives the Spirit of the Lord away. It also drives many of our family members away. Contention ranges from a hostile spoken word to worldwide conflicts. The scriptures tell us that "Only by pride cometh contention".
It is possible to be below flattery as well as above it. One who trusts nobody will not trust sycophants. One who does not value real glory will not value its counterfeit.
The ruling passion of the age is to convert wealth into debt in order to
derive a permanent future income from it - to convert wealth that perishes
into debt that endures, debt that does not rot, costs nothing to maintain,
and brings in perennial interest.
Economies typically do not function well in hyperinflation. The real value of government debt might disappear, but the economy is likely to disappear with it.
The call for debt cancellation is welcome, but debt does not just go away.
Any politician that says no tax revenue or zero spending cuts does not deserve reelection. Our hole is so deep in this country with the debt and the debt service, the interest on that debt, before the big expenses come for Social Security and Medicare - for we baby boomers in a few years - that everything has to be on the table.
When you've got insane drums and a lot of guitar, it's really hard to mix the vocals, to mix it all well.
When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition.
Live within your means, never be in debt, and by husbanding your money you can always lay it out well. But when you get in debt you become a slave. Therefore I say to you never involve yourself in debt, and become no man's surety.
When you sell options, you get paid for assuming risk. That can be a profitable business, but it does not mix well with the risks inherent in a leveraged portfolio.
What distinguishes a commons is that it is not private property, does not have a price, and is oriented towards 'use value' rather than 'exchange value.' It does not exist to generate profits.
